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#8277374 - 07/05/15 09:16 AM Real estate law?
loudsubz Offline
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Registered: 08/16/01
Posts: 11333
Loc: Ontario, Canada
Does the seller have a way to get out of a deal once the offer is accepted? Say the seller comes back after they accepted your offer and says they made a mistake etc etc and want to cancel the deal or buy it back before the final papers are signed.

Once the offer is signed I assume it would get pretty messy if the buyer still wanted the place even though the buyers wanted to cancel?
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#8277387 - 07/05/15 09:42 AM Re: Real estate law? [Re: loudsubz]
c2k Moderator Offline
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that's something you'd need to get in touch w/ a real estate lawyer - fast.

but if the buyer backs out of the deal, the seller keeps the buyers deposit. that's as far as i know. doesnt help you in your case.
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#8277415 - 07/05/15 10:55 AM Re: Real estate law? [Re: c2k]
87ZCSi Offline
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C2k that's not true either. It's just in trust so you can sue for damages once damages are established. Been there done that
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#8279052 - 07/06/15 09:14 PM Re: Real estate law? [Re: 87ZCSi]
OracerO Offline
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Registered: 10/07/02
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There are a lot of variables involved.

Is this a private sale? did you go through an agent?
Any conditions in the contract?
Verbal offer accepted? or signed contract?

At the very least, you should get a lawyer.





Edited by OracerO (07/06/15 09:23 PM)
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#8279461 - 07/07/15 09:22 AM Re: Real estate law? [Re: OracerO]
loudsubz Offline
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Registered: 08/16/01
Posts: 11333
Loc: Ontario, Canada
Went through an agent, offer was put in on 1 condition (home inspection) had that done and waived condition, signed paper, done.

Fast forward few weeks later and I guess they have a family member who isn't quite content with them selling and now wants them to cancel the sale and will re coup the cost of the agents etc. of course it's more complicated than that because we sold our place as well so were obligated to go through our sale as well.

We've contacted the lawyer and waiting to hear back.
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#8279472 - 07/07/15 09:28 AM Re: Real estate law? [Re: loudsubz]
c2k Moderator Offline
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Registered: 05/21/00
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sheeeeeit.

when is the closing date on your old home?

keep us posted.
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#8279480 - 07/07/15 09:34 AM Re: Real estate law? [Re: c2k]
loudsubz Offline
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Registered: 08/16/01
Posts: 11333
Loc: Ontario, Canada
Closing dates all on the same day lol
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#8279498 - 07/07/15 09:39 AM Re: Real estate law? [Re: loudsubz]
87ZCSi Offline
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Registered: 09/06/00
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And when is that?
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#8279519 - 07/07/15 09:47 AM Re: Real estate law? [Re: loudsubz]
Euphoricuck Offline
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Registered: 11/05/03
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 Originally Posted By: loudsubz
they have a family member who isn't quite content with them selling
oops
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#8279606 - 07/07/15 10:17 AM Re: Real estate law? [Re: loudsubz]
c2k Moderator Offline
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 Originally Posted By: loudsubz
Closing dates all on the same day lol


oh sheeeeit.

GOOD LUCK!
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#8279661 - 07/07/15 10:36 AM Re: Real estate law? [Re: c2k]
LNXGUY Moderator Offline
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Fucking people
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#8279702 - 07/07/15 10:50 AM Re: Real estate law? [Re: 87ZCSi]
loudsubz Offline
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Registered: 08/16/01
Posts: 11333
Loc: Ontario, Canada
 Originally Posted By: 87ZCSi
And when is that?


Little over a week
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#8279771 - 07/07/15 11:13 AM Re: Real estate law? [Re: loudsubz]
SuPeR-MaRiO Offline
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Registered: 06/28/01
Posts: 6117
Loc: Toronto, Ontario
Let's say you hadn't sold your house yet, would you be content with them backing out of the deal assuming that it hasn't cost you anything at the end of the day? Or are you and your wife really set out on the house? If the latter, would tell them too bad so sad?
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#8279772 - 07/07/15 11:14 AM Re: Real estate law? [Re: loudsubz]
spd-dmn Offline
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Registered: 11/24/04
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specific performance is the toughest to enforce

in this case though, the damages would be pretty fuckn high i would imagine, given how near it is to both closes

i would *think* that whatever dollar amount could be thought up, would still not be enough to cover the damages
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#8279806 - 07/07/15 11:29 AM Re: Real estate law? [Re: spd-dmn]
Euphoricuck Offline
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I think its too late for that family member.
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#8280249 - 07/07/15 02:56 PM Re: Real estate law? [Re: Euphoricuck]
87ZCSi Offline
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Registered: 09/06/00
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Loc: Portland and Toronto
Well that is really bullshit. Keep us posted. Got a place to go?
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#8280386 - 07/07/15 04:37 PM Re: Real estate law? [Re: loudsubz]
OracerO Offline
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Registered: 10/07/02
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And the seller is fine with paying for the agents fee?
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#8280501 - 07/07/15 05:49 PM Re: Real estate law? [Re: OracerO]
spd-dmn Offline
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Registered: 11/24/04
Posts: 2271
agents fee, interest on the deposit, moving fees, property storage, hotel...

not much punitive damages to be had, but it would still take a lot of money to make OP whole again...

this is a shitty-as-fuck situation no matter which way you slice it
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#8281160 - 07/08/15 09:57 AM Re: Real estate law? [Re: loudsubz]
Just A Troll Offline
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Registered: 09/24/09
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 Originally Posted By: loudsubz
Went through an agent, offer was put in on 1 condition (home inspection) had that done and waived condition, signed paper, done.

Fast forward few weeks later and I guess they have a family member who isn't quite content with them selling and now wants them to cancel the sale and will re coup the cost of the agents etc. of course it's more complicated than that because we sold our place as well so were obligated to go through our sale as well.

We've contacted the lawyer and waiting to hear back.


I'd definitely sue for as much as possible.

People can't just back out of a sale just because "they don't like it". In Ontario we have laws which protect the buyer and allows them to back out. But as far as I know, unless there's cause, the sellers don't have that protection. I don't think the "I don't like it!", is just cause.

Just imagine a world were sellers could just back out of deals just because "we don't like it". That's crazy!
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#8281796 - 07/08/15 02:33 PM Re: Real estate law? [Re: Just A Troll]
OracerO Offline
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Registered: 10/07/02
Posts: 3949
Loc: GTA
Update?
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#8284660 - 07/10/15 01:16 PM Re: Real estate law? [Re: OracerO]
Screamin Type ARGH! Offline
High Value Poster
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Registered: 02/20/01
Posts: 47668
Loc: T.O. - Canaduh
can someone help me lock down this place?

http://www.citynews.ca/2015/07/10/downtown-apartment-ridiculed-reddit-torontos-worst/

$3,100 / month
seems fair...

lulz
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#8292046 - 07/16/15 08:34 AM Re: Real estate law? [Re: Screamin Type ARGH!]
loudsubz Offline
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Registered: 08/16/01
Posts: 11333
Loc: Ontario, Canada

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#8292075 - 07/16/15 08:56 AM Re: Real estate law? [Re: loudsubz]
c2k Moderator Offline
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Registered: 05/21/00
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deets are overwhelming bruh.
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#8292081 - 07/16/15 09:00 AM Re: Real estate law? [Re: c2k]
loudsubz Offline
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Registered: 08/16/01
Posts: 11333
Loc: Ontario, Canada
Sometimes it's nice not to share every bit of personal info online with others bruh
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#8292104 - 07/16/15 09:24 AM Re: Real estate law? [Re: loudsubz]
Senor Eduardo_82 Offline
miataist
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Registered: 01/09/03
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I'm actually glad to hear it went well for you.
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#8292106 - 07/16/15 09:25 AM Re: Real estate law? [Re: Senor Eduardo_82]
loudsubz Offline
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Registered: 08/16/01
Posts: 11333
Loc: Ontario, Canada
 Originally Posted By: eddie _69
I'm actually glad to hear it went well for you.


Thanks!
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#8292111 - 07/16/15 09:29 AM Re: Real estate law? [Re: loudsubz]
LNXGUY Moderator Offline
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Registered: 08/06/00
Posts: 106942
Loc: Barrie, Ont,
I don't think we want every single detail, but I'm sure we'd all like to know what went down.
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-Bill
The GN would OWN you, your children and your children's children.
'09 E90 335d

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#8292152 - 07/16/15 09:48 AM Re: Real estate law? [Re: LNXGUY]
loudsubz Offline
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Registered: 08/16/01
Posts: 11333
Loc: Ontario, Canada
It was pretty uneventful. My guess is after they spoke to their lawyer and realized it would cost them much more than thought plus the possibility of being sued it just wasn't worth it.
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#8292170 - 07/16/15 09:56 AM Re: Real estate law? [Re: loudsubz]
LNXGUY Moderator Offline
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Registered: 08/06/00
Posts: 106942
Loc: Barrie, Ont,
Well there ya go \:\) Congrats!
_________________________
-Bill
The GN would OWN you, your children and your children's children.
'09 E90 335d

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#8292175 - 07/16/15 09:58 AM Re: Real estate law? [Re: LNXGUY]
c2k Moderator Offline
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Registered: 05/21/00
Posts: 19291
Loc: Wiesloch-Walldorf, Germany
booyeah congraz!

still in meadowvale?
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#8292291 - 07/16/15 11:03 AM Re: Real estate law? [Re: c2k]
Choco 'Nuck Offline
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Registered: 07/10/01
Posts: 17568
Loc: Somewhere out there
when is the house warming?
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#8292456 - 07/16/15 12:19 PM Re: Real estate law? [Re: Choco 'Nuck]
Big Tasty Offline
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Registered: 02/10/02
Posts: 19622
Loc: Toronto
Congrats.
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